Bally Total Fitness reports revenues up 16 percent, EBITDA down 4 percent

Bally Total Fitness Holding Corporation (NYSE: BFT) has reported net revenues up 16 percent over last year for the 3rd quarter of 2002. Revenues reached $243.1 million for the quarter. During the quarter, comparable club revenue grew 4 percent, driven primarily by increases in monthly membership dues and products and services. The increase in net revenues was due partly (8 percent) to Crunch Fitness being acquired at the end of 2001. Cash flows from operations, on a comparable basis, were $18.7 million in the quarter versus $21.8 million in the prior year period. Earnings before interest, taxes, depreciation and amortization, including finance charges earned (“EBITDA”) before special charges were $49.9 million during the quarter, a 4 percent decrease from the prior year. “Due to the challenging economic climate and falling consumer confidence levels, we continued to experience inconsistent new membership sales during the quarter,” said Lee Hillman, chairman and CEO. For details, go to www.ballyfitness.com.